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Hi,
My dad is selling his house to give me money to buy my first home. around 400 thousand. we were just told we would have to pay tax on this. is there a way around this? We wanted the house to go in just my name for the first home owners grant.

7 years ago

Responses

Scott Howell

Current Rating: 4.85 / 5

Finance Broker

Croydon South, VIC

7 years ago

Hi Sarah,
I'm not sure where the tax implications come from? If the property isn't your Dad's primary residence he may be liable to capital gains tax? There may also be pension rules to consider depending on your Dad's financial situation but you would not have to pay tax yourself on this gift.
Best you and your Dad speak to an accountant and financial adviser
Good luck
Scott

Andrew Jeffers

Current Rating: 4.88 / 5

Accountant

Sydney, NSW

7 years ago

Hi Sarah,

There is no Gift Tax in Australia. Please see article here. http://shuriken.com/gift-tax-blog/

There is NO tax for you to pay here.

Call me to chat if you like.

AJ

Hi, My dad is selling his house to give me money to buy my first home. around 400 thousand. we were just told we would have to pay tax on this. is there a way around this? We wanted the house to go in just my name for the first home owners grant.

Hi,
My dad is selling his house to give me money to buy my first home. around 400 thousand. we were just told we would have to pay tax on this. is there a way around this? We wanted the house to go in just my name for the first home owners grant.